BINANCE:BNBUSD   Binance Coin / US Dollar (calculated by TradingView)
What's going on everyone, I hope you all had a great weekend! Today I'd like to provide a short-term technical outlook on Binance Coin (BNB/USD).

BNB/USD is in the final stages of forming a bullish gartley 886 formation on the 1h chart, providing a trading opportunity with a 1:2.5 risk to reward.

The measurements for a valid gartley 886 are detailed below.
B: 0.618
C: 0.382 - 0.886
D: 1.13 - 1.618
X to D: 0.886 (Only applies when AB=CD completes beyond 0.786)

The reversal may well take place at the 0.786 retracement but the better option would be to wait on the lower entry level.

This setup should be executed in real time based upon the price action that follows the confirmation of the potential reversal zone. My main focus is 22.27, once price tests this area I'll be dropping down to the 15m chart to look for an entry.

If price starts slowing down and consolidates in the current area it'll be unlikely I'll take the trade (I've provided an example below).

We experienced this type of price action around the C point as shown.

Remember to keep your risk in check, don't set any pending orders at 22.27 this should be executed and managed in real time.

Let's have a good week of trading!
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did you take the trade? or did it consolidate for too long?
LewisGlasgow tradingtradefortading
@tradingtradefortading, consolidated for too long and the candlestick that confirmed the PRZ also hit the stop loss level so you would never have entered this position in a million years.

Thank you!
@LewisGlasgow, i feel ya!
+1 Reply
Hey Lewis, all good? I see you put alot of weight into harmonics.. Don't you consider VSA more confluential? I mean Volume leads the price, don't you agree? Is'nt it better to trade volume analysis rather than harmonics?

All the best.
@Crypapi, hi mate I'm doing well you? It's the foundation of my system and always has been, although I do incorporate volume into my analysis at times but its not essential for me to be consistently profitable.

I wouldn't say one method is better than another, as long as it works for the individual that's all that matters.

Thanks :)
Crypapi LewisGlasgow
@LewisGlasgow, I'm fine bud, I see, I fully understand, I guess a succesful trader develope their own strategies, if it works for you fair enough. I'm still experimenting which strategy I should be trading after, VSA is a bit complex but so far the most trustworthy in my opinion.. Take care i'll keep follow your ideas :)
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